证券代码：600236 证券简称：桂冠电力 公告编号：2025-041 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 广西桂冠电力股份有限公司（以下简称公司）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 03 日（星期三）09:00-10:00 举行 2025 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2025 年 12 月 03 日（星期三）09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 26 日（星期三）至 12 月 02 日（星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 gg ...

Group 1 - The core viewpoint of the article highlights the growth trend in the number of bidding projects in China's hydropower industry from 2020 to 2025, with a projected total of 2,291 projects in 2024 and 2,640 projects in the first nine months of 2025 [2][4] - The main entities involved in bidding projects in the hydropower sector are other general enterprises and state-owned enterprises, with 6,464 projects (49%) attributed to general enterprises and 5,576 projects (42%) to state-owned enterprises as of September 2025 [4] - Yunnan Province is identified as the second-largest hydropower resource province in China, with a total hydropower resource capacity of 104 million kW and a potential installed capacity of 97.95 million kW, accounting for approximately 25% of the national total [7] Group 2 - The total water resources in Yunnan Province have shown fluctuations from 2017 to 2024, with a total of 176.039 billion cubic meters reported in 2024, reflecting a year-on-year increase of 17.2% [8] - As of the end of 2024, Yunnan Province's total installed capacity reached 15.188 million kW, with hydropower accounting for 8.36 million kW, representing 55% of the total capacity [11] - The hydropower generation figures for major companies in Yunnan include 6.698 billion kWh from Guotou Power and 6.173 billion kWh from Datang Power [11]

Group 1 - The core viewpoint of the articles highlights the recognition of seven listed companies in Guangxi for their high-quality information disclosure, achieving the highest rating of A-level, which represents a significant increase from the previous year [1] - The seven companies that received the A-level rating include Liugong, Beibu Gulf Port, Guohai Securities, Guilin Sanjin, Guiguan Electric Power, Liuyao Co., and Huayuan Co., with Guilin Sanjin achieving this rating for 13 consecutive years [1] - The improvement in information disclosure quality is seen as a benchmark for Guangxi's capital market, emphasizing the importance of transparency and compliance in fostering investor trust [1] Group 2 - The China Listed Companies Association recently announced the results of the 2025 internal control best practice case collection, with two companies from Guangxi recognized for their exemplary practices [2] - Guangxi Fenglin Wood Industry Group's submission on the intelligent internal control system based on "Beidou + Big Data + AI" was selected as a best practice case, while Beibu Gulf Port's submission on internal control for efficient operations was recognized as an excellent case [2] - The initiative aims to enhance corporate compliance and risk prevention, contributing to the establishment of a "Chinese model" for internal control practices [2]

Market Overview - The electricity sector experienced a slight decline of 0.04% on the previous trading day, with Leshan Electric Power leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the electricity sector included: - Zhaoxin Co., Ltd. (002256) with a closing price of 3.39, up 3.99% on a trading volume of 2.02 million shares and a transaction value of 685 million yuan [1] - Luxiao Technology (002617) closed at 9.06, up 3.07% with a transaction value of 148.9 million yuan [1] - Chuaneng Power (000155) closed at 12.67, up 2.76% with a transaction value of 892 million yuan [1] - Conversely, Leshan Electric Power (600644) saw a significant decline of 5.20%, closing at 11.85 with a transaction value of 954 million yuan [2] - Other notable decliners included: - Huami Environmental Energy (600475) down 4.49% [2] - Haoling Power (600452) down 2.54% [2] Capital Flow - The electricity sector experienced a net outflow of 1.461 billion yuan from main funds, while retail investors contributed a net inflow of 1.5 billion yuan [2] - Key stocks with significant capital flow included: - Luxiao Technology (002617) with a net inflow of 77.42 million yuan from main funds [3] - Zhaoxin Co., Ltd. (002256) with a net inflow of 69.06 million yuan [3] - Jiaze New Energy (601619) with a net inflow of 57.21 million yuan [3]

Core Insights - China Datang Corporation has been a pioneer in hydropower development, leveraging the "dual carbon" goals and the "West-East Power Transmission" strategy to enhance its operations and contribute to the construction of an energy powerhouse [1][8] - The company has achieved a hydropower installed capacity of 27.72 million kilowatts, accounting for over 6.3% of the national total, showcasing its significant role in high-quality hydropower development in major river basins [1][8] Hydropower Operations - The company has implemented a "regional centralized control + area operation and maintenance center" model, enabling coordinated operations across multiple power stations [2] - In the first three quarters of 2025, hydropower generation increased by 7.76% year-on-year, outperforming the national average growth rate by 4.86 percentage points [3] Technological Innovation - The Zala hydropower project has achieved a breakthrough with the successful pressure test of the first unit, marking a significant advancement in high-head, large-capacity hydropower technology [4] - The company has developed rapid construction techniques for roller-compacted concrete, elevating domestic standards from 100 meters to 200 meters in dam construction [4][5] Digital Transformation - China Datang is advancing digitalization in its hydropower plants, implementing smart scheduling systems and AI-driven operational controls to enhance efficiency and energy security [6] - The company has established a robust talent development framework, nurturing skilled professionals to support its hydropower initiatives [6] Environmental and Economic Impact - The company generates nearly 100 billion kilowatt-hours of clean electricity annually, contributing to a virtuous cycle of "power generation-ecology-industry-employment" [7] - The Tizi Kou water conservancy hub has delivered over 30 billion kilowatt-hours of clean electricity and contributed over 2.4 billion yuan in taxes since its inception [7] Transition to Multi-Energy Complementarity - China Datang is accelerating its transition from single hydropower to a multi-energy complementary model, with clean energy accounting for 90.6% of its portfolio [8] - The company has established 11 fish breeding stations and has successfully relocated rare plant species, demonstrating its commitment to ecological protection [8]

Core Viewpoint - Guangxi Guiguan Electric Power Co., Ltd. has shown a positive stock performance with a year-to-date increase of 13.27%, reflecting strong market interest and operational stability [1][2]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 7.335 billion yuan, a slight decrease of 0.25% year-on-year, while net profit attributable to shareholders increased by 11.80% to 2.419 billion yuan [2]. - The company has cumulatively distributed dividends of 17.874 billion yuan since its A-share listing, with 5.163 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 5, 2025, the stock price reached 7.51 yuan per share, with a trading volume of 62.799 million yuan and a market capitalization of 59.197 billion yuan [1]. - The stock has seen a net outflow of 2.2499 million yuan from major funds, with significant buying and selling activity recorded in large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 9.49% to 48,000, while the average circulating shares per person decreased by 8.67% to 164,270 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Dongfanghong Zhongzheng Dongfanghong Dividend Low Volatility Index A, both of which have reduced their holdings compared to the previous period [3]. Business Segmentation - The company's revenue composition is primarily from hydropower (72.65%), followed by wind power (11.65%), thermal power (9.43%), solar power (4.71%), and other segments [2].

Core Insights - The announcement from Guiguan Electric Power reveals the challenges faced by power generation companies in the electricity spot market, particularly regarding the allocation of imbalance electricity fees [1][2] - Guiguan Electric Power reported a revenue reduction of 459 million yuan and a net profit decrease of 327 million yuan due to the sharing of imbalance electricity fees, which accounted for 14.3% of the previous fiscal year's net profit [1][2] Company Summary - Guiguan Electric Power is the first publicly listed company to disclose the specific financial impact of imbalance electricity fees [2] - The company operates in the Guangxi region, where it has a significant presence in hydropower generation, with a total installed capacity of 9.1932 million kilowatts, representing two-thirds of the region's regulated hydropower capacity [10] - The company is currently seeking policy optimization suggestions from the Guangxi government, including adjustments to the guaranteed electricity volume and potential increases in market settlement prices [10] Industry Context - The Southern Regional Electricity Spot Market began continuous settlement trial operations on June 29, 2023, which has led to new rules affecting non-market power sources like hydropower [3][5] - Imbalance electricity fees arise from discrepancies between generation and consumption in the electricity market, and these fees are shared among all power generation and consumption entities [6][7] - The phenomenon of imbalance funds is not unique to Guangxi, as similar issues have been observed in other provinces, with imbalance funds accounting for over 30% of market operating costs in Shanxi [6][7]

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5]. Core Insights - The company reported a significant increase in hydropower generation, achieving a record high in Q3, which contributed to an unexpected growth in performance [5]. - The company experienced a 14.89% year-on-year increase in power generation, primarily driven by a 21.93% increase in hydropower generation [5]. - The report highlights the impact of unfavorable electricity pricing rules on profits, but anticipates a reduction in this impact moving forward [5]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 99.68 billion yuan, with a year-on-year growth rate of 3.8% [4]. - The net profit attributable to the parent company is expected to reach 28.42 billion yuan in 2025, reflecting a 24.4% year-on-year increase [4]. - The earnings per share (EPS) is forecasted to be 0.36 yuan for 2025, with a projected price-to-earnings (PE) ratio of 21 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in hydropower generation, leading to better-than-expected performance in Q3 2025, with a net profit of 1.232 billion yuan, a year-on-year increase of 69.49% [6] - The company achieved a total electricity generation of 31.848 billion kWh in the first nine months of 2025, a year-on-year increase of 14.89%, primarily driven by a 21.93% increase in hydropower generation [6] - The company is actively working with government departments to optimize the electricity fee allocation scheme, which is expected to improve overall profitability in the long term [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 9,968 million yuan, with a year-on-year growth rate of 3.8% [5] - The net profit attributable to the parent company is forecasted to be 2,842 million yuan for 2025, reflecting a year-on-year increase of 24.4% [5] - The earnings per share (EPS) is expected to be 0.36 yuan for 2025, with a projected price-to-earnings (PE) ratio of 21 [5]